https://www.taxtmi.com/caselaws?id=469360 Peak credit addition was treated as a reasonable basis on the facts, and the Tribunal declined to remand the matter for adoption of a net profit rate based on past years. The assessee had not filed returns or responded during assessment, and the lower authorities had already reduced the addition. Taking the overall facts and circumstances into account, the Tribunal further restricted the addition and confined it to 50% of the peak credit figure, granting partial relief. The appeal had also been entertained after condonation of a 122-day delay on bona fide grounds. en-us Wed, 05 Mar 2025 00:00:00 +0530 Mon, 15 Jun 2026 23:25:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469360 Peak credit addition was treated as a reasonable basis on the facts, and the Tribunal declined to remand the matter for adoption of a net profit rate based on past years. The assessee had not filed returns or responded during assessment, and the lower authorities had already reduced the addition. Taking the overall facts and circumstances into account, the Tribunal further restricted the addition and confined it to 50% of the peak credit figure, granting partial relief. The appeal had also been entertained after condonation of a 122-day delay on bona fide grounds. Case-Laws Income Tax Wed, 05 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469360